Credit Suisse has suffered another defection as a technology mergers and acquisitions specialist has left its investment bank for the competition.
Credit Suisse Managing Director Dhiren Shah, the New York-based head of M&A specializing in technology, has left for Citibank, Reuters reports.
The telecommunications, media and technology sector has been one of Credit Suisse’s strengths, so having staff poached from this area will come as a severe blow to the troubled Swiss bank.
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Its investment bank has been hit by a rush for the exit after it lost 5 billion Swiss francs ($5.5 billion) when the Archegos hedge fund collapsed soon after the Greensill scandal also did severe damage to Credit Suisse’s reputation.
According to his LinkedIn profile, Shah held the post at Credit Suisse for just under six years. Before that he worked for Greenhill investment bank and Morgan Stanley.
Citing an internal memo, Reuters said Shah would join Citigroup as chairman of global technology M&A in New York.
